The People’s Bank of China (PBoC) injected CNY 120 billion into the market via seven-day reverse repo at an interest rate of 2.2 percent on November 25th, 2020. With CNY 100 billion of reverse repos maturing on the same day, it led to a net liquidity withdrawal of CNY 20 billion. The central bank said the move aims to maintain reasonable and sufficient liquidity of the banking system.